Foreclosure and Real Estate Owned Appraisals in Niagara CountyHouses in foreclosure and properties that have reverted to the bank's control bring forth specific appraisal challenges.
You should know the meanings of "market value" and a "quick disposition" value to know your potential write-down liability when dealing with a home in foreclosure. At Erbes Appraisals, Inc., we have the experience in both providing snapshots of market value for our mortgage clients, in addition to "quick sale" forecasts that understand your time line.
Owners of property in foreclosureunfortunately can present unique challenges: For example, they might be combative when it comes to allowing an inspection of the home. They might have abandoned the house already and/or neglected care of the house for awhile - or worse, caused damage to the house.
For a home that has returned to Real Estate Owned, you most likely will be interested in a quick resolution. Regardless, you'll still want to consider three ways of looking at the value of the real estate at hand: